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What else can I help you with?
Short sale tax liability?
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
Can you deduct - from your taxes - the loss on the sale of your home?
The loss on the sale of a personal residence is a nondeductible personal loss. (Source: http://www.irs.gov/faqs/faq/0,,id=199617,00.html)
Do you still have to pay 1099 taxes if property was your primary residence?
Yes this could be very possible depending on the amount of the gain that you had on the sale of your primary residence. And if you have a 1099 in your hand it would be a good idea to report the transaction on your 1040 federal income tax return for the year of the sale.
Can you avoid capital gains taxes on the sale of your principal residence by reinvesting it in another property of lesser value?
You are thinking of old tax law, long gone. If you lived in the house as your principal residence for at least two of the preceding five years, and your profit on the sale does not exceed $250,000 ($500,000 married filing jointly), no taxes are due. More information: http://www.irs.gov/newsroom/article/0,,id=105042,00.html
How is capital gains calculated on the sale of a home?
Capital gains on the sale of a home are calculated by subtracting the purchase price and any expenses related to the sale from the selling price. If the result is positive, it is considered a capital gain. This gain may be subject to taxes depending on the specific circumstances and tax laws.
You live in California you bought a house in Florida then filed a short sale in California do you still owe taxes and can they come after my new property?
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Can I use a Section 1031 exchange to defer capital gains taxes on the sale of my personal residence?
No, Section 1031 exchanges are typically used for investment or business properties, not personal residences.
What taxes must be paid on a residence?
Homeowners typically pay property taxes, which are assessed based on the property's value and vary by location. Additionally, if the residence is sold, capital gains tax may apply on any profit made from the sale, depending on exemptions and the homeowner's tax situation. Mortgage interest may be deductible on federal income taxes, providing some tax relief. Homeowners should also consider any local taxes or fees related to home ownership.
How is capital gains calculated on a home sale?
Capital gains on a home sale are calculated by subtracting the purchase price of the home, along with any expenses related to the sale, from the selling price. The resulting amount is the capital gain, which may be subject to taxes depending on various factors such as the length of time the home was owned and the homeowner's tax filing status.
Do you have to pay capital gains taxes when you sell land?
Yes, you typically have to pay capital gains taxes when you sell land if it has appreciated in value since you acquired it. The tax is calculated on the profit made from the sale, which is the difference between the selling price and your adjusted basis in the property. However, there may be exemptions or deductions available, such as the primary residence exclusion, depending on your specific situation. It's advisable to consult a tax professional for personalized guidance.
Where can I read HB 3200?
tax on personal residence sale?
Do you have to pay taxes on the gain of a sale of your home?
The rule for the sale of your main home (primary residence) has an exclusion amount of the long term capital gain if you meet the 2 out of 5 year rule of living in your main home (primary residence. Go to the IRS gov web site and use the search box for Topic 701 - Sale of Your Home If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Publication 523, Selling Your Home, provides rules and worksheets.
